Cyber Insurance

A Forrester report found that only a quarter of firms possess standalone policies.

The past five years saw 550 email compromises, affecting clients.

Global cyber insurance to hit $43b by 2030, Howden projects.

The mean cost to recover from ransomware attacks was estimated at $1.82m.

About 76% of businesses reinforced cyber defences to qualify for insurance.

Insurers are advised to take advantage of this to expand cyber risk offerings.

Global cybercrime costs will reach $13.8t by 2028.

Surge in cyber-attacks prompts increased demand for cyber insurance to safeguard against financial and reputational risks.

Success in both markets relies heavily on how they’ll navigate uncertainties.

As more businesses grow their presence online, cyber insurance is slowly gaining traction.

The platform is currently available in Hong Kong, Malaysia, and Singapore.

The product will also protect customers from other online threats.

The IRDAI said that standardisation of policy wording is not desirable at this juncture.